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Superannuation and Migrating to Singapore - Advice?

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dubplate
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Superannuation and Migrating to Singapore - Advice?

Postby dubplate » Fri, 28 Jan 2011 7:21 am

Hello,

I am moving to Singapore in a matter of Weeks.

I have a work superannuation fund in Australia that is ticking along.

Looking for feedback (not financial advice because everyone is different of course)

1. Do many expats just leave there super in Australia and start a new one in Singapore?
2. Do many expats have their Sing job pay into their Australian super and cop the international transfer fees?
3. Can forum-goers point me to some resources for superannuation and international jobs?

Thanks!

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JR8
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Postby JR8 » Fri, 28 Jan 2011 7:38 am

What does 'superannuation' mean?

dubplate
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Postby dubplate » Fri, 28 Jan 2011 7:58 am

http://en.wikipedia.org/wiki/Superannua ... _Australia

It has a different name in Singapore - essentially retirement fund

Levikane
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Postby Levikane » Sat, 05 Feb 2011 11:46 pm

Hi dubplate,

I am an Australian transferee working here in Singapore, and I maintain Australian super.

There is no scheme similar to super offered in Singapore unless you are a Permanent Resident or Citizen when you are co-opted into the State pension plan known as CPF (Central Provident Fund).

There are dozens of investment firms offering managed funds in a PAYE arrangement (somehow these people get your details and you can expect calls within weeks of landing in Singapore!) which are worth considering, but IMHO they are not very attractive unless you are considered not ordinarily resident by the ATO or you have some very specific investment choices.

If you maintain your super, sending regular amounts of money back home might put you under the radar of the Aus Gov's forex monitoring service. I got an amnesty letter threatening me to declare my "Australian earned income" but if you are doing the right thing and use a reputable international tax agent I imagine this is mostly a scare tactic.

Even as a non-tax resident, making voluntary contributions to your super will count towards the super guarantee (sure its only $1k per year but its better than nothing!).

There are a number of ways you can avoid the international exchange fees - I know if you have an account with citibank in AU and SG they offer free int'l transfers, but of course you will get whacked with the exchange differential.

Best of luck with your decisions


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